Registered number
13021352
POWER LAB CONSULTANCY LTD
Filleted Accounts
31 July 2023
POWER LAB CONSULTANCY LTD
Registered number: 13021352
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,961 880
Current assets
Debtors 4 10,604 1,241
Cash at bank and in hand 4,353 9,346
14,957 10,587
Creditors: amounts falling due within one year 5 (7,022) (2,602)
Net current assets 7,935 7,985
Net assets 9,896 8,865
Capital and reserves
Called up share capital 100 100
Profit and loss account 9,796 8,765
Shareholder's funds 9,896 8,865
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Suavi Hakki BAKICI
Director
Approved by the board on 7 February 2024
POWER LAB CONSULTANCY LTD
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, as follows:
Equipment 18% reducing balance method
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A corporation tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A corporation tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Corporation tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Equipment
£
Cost
At 1 August 2022 1,000
Additions 1,458
At 31 July 2023 2,458
Depreciation
At 1 August 2022 120
Charge for the year 377
At 31 July 2023 497
Net book value
At 31 July 2023 1,961
At 31 July 2022 880
4 Debtors 2023 2022
£ £
Trade debtors 1,494 1,241
Other debtors 9,110 -
10,604 1,241
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 720 1,720
Taxation and social security costs 4,597 858
Other creditors 1,705 24
7,022 2,602
6 Other information
POWER LAB CONSULTANCY LTD is a private company limited by shares and incorporated in England. Its registered office is:
C/o- Unit 4 , Kinetica
13 Ramsgate Streeet
London
E8 2FD
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